FTC Solar (FTCI) AI Stock Analysis

• Market Cap: $109.63M
• Dividend Yield: N/A
• Average Volume (3M): 75.30K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.36
• Revenue Growth: -17.53%
• EPS Growth: 8.53%
• Country: US
• Employees: 202
• Sector: Technology
• Sector Strength: 88
• Industry: Solar
• EPS (TTM): -1.18
• Shares Outstanding: 14,874,797
• 10 Day Avg. Volume: 75,665
• 30 Day Avg. Volume: 75,297
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.62
• Enterprise Value/Revenue: 1.05
• Enterprise Value/Gross Profit: -4.36
• Enterprise Value/Ebitda: -1.42
• 1Y Price Target: $6.33
• Price Target Upside: -15.82% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 55 Neutral
• Price Target: $8.00 ▲(6.38% Upside)

FTC Solar's overall stock score is driven by its challenging financial performance, with persistent losses and negative cash flows being the most significant factors. While technical indicators show bullish momentum, the valuation remains unattractive due to a negative P/E ratio. The earnings call provided some positive insights, such as revenue growth and strategic financing, but financial challenges persist.

Positive Factors

Innovative Product Offerings

Product innovations like the high hail stow solution and extra-long tracker enhance FTC Solar's competitive edge, offering customers improved flexibility and protection, which can drive long-term adoption and market share.

Strategic Financing

The $75 million financing facility strengthens FTC Solar's balance sheet, providing the financial stability needed to support growth initiatives and expand market opportunities in the renewable energy sector.

Revenue Growth Year-over-Year

A 75% year-over-year revenue increase indicates strong demand for FTC Solar's products, reflecting successful market penetration and the potential for sustained growth in the renewable energy sector.

Negative Factors

Persistent Losses

Ongoing losses and a negative net profit margin highlight operational inefficiencies and profitability challenges, which could hinder long-term financial health and require strategic adjustments.

Negative Cash Flows

Negative cash flows indicate operational and capital challenges, suggesting reliance on external funding and potential difficulties in sustaining operations without significant improvements.

Market Uncertainty Impact

Market uncertainty affecting revenue guidance suggests potential volatility in demand and project execution, which could impact FTC Solar's ability to achieve consistent growth and stability.

FTC Solar Business Overview & Revenue Model

Company Description

FTC Solar, Inc. is a leading provider of solar tracker solutions for utility-scale solar energy projects. The company is focused on designing, manufacturing, and selling advanced solar tracking systems that optimize the energy output of solar installations. Operating primarily in the renewable energy sector, FTC Solar aims to accelerate the adoption of solar energy by providing cost-effective and efficient solar tracker solutions.

How the Company Makes Money

FTC Solar generates revenue primarily through the sale of its solar tracker systems to large-scale solar energy projects. These systems are designed to enhance the efficiency of solar panels by adjusting their positioning in response to the sun's movement, thereby maximizing energy production. The company's revenue model is based on direct sales of its products to solar developers and engineering, procurement, and construction (EPC) firms. FTC Solar may also benefit from strategic partnerships and collaborations with key players in the solar energy industry, which can enhance its market reach and product offerings. Additionally, the company's focus on innovation and cost-effectiveness contributes to its competitive positioning and ability to capture market share in the growing renewable energy sector.

FTC Solar Financial Statement Overview

Summary

FTC Solar is facing financial difficulties with declining revenues, consistent losses, and negative cash flows. The balance sheet remains moderately leveraged, but the company needs to address its operational inefficiencies and improve cash flow management to stabilize its financial health.

Income Statement

FTC Solar's income statement shows persistent losses, with a negative net profit margin and continuous EBIT and EBITDA losses. Revenue has decreased significantly from previous years, indicating a challenging business environment. Although the gross profit margin improved slightly in TTM, the company still faces substantial profitability concerns.

Balance Sheet

The company's balance sheet exhibits a moderate debt-to-equity ratio, suggesting some financial leverage but not excessively high. The equity ratio indicates a low proportion of equity to total assets, which could pose risks. However, the company has managed to maintain some level of equity despite ongoing losses.

Cash Flow

The cash flow statement shows negative operating and free cash flows, reflecting operational and capital challenges. The free cash flow growth rate is negative, indicating cash flow deterioration. However, financing cash flows have been positive, suggesting reliance on external funding to support cash needs.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	64.13M	47.35M	127.00M	123.07M	270.52M	187.35M
Gross Profit	-15.51M	-12.59M	8.31M	-27.23M	-32.55M	3.64M
EBITDA	-47.69M	-46.04M	-49.00M	-97.30M	-105.37M	-16.88M
Net Income	-46.84M	-48.61M	-50.29M	-99.61M	-106.59M	-17.32M
Balance Sheet
Total Assets	82.95M	89.93M	123.07M	134.40M	243.02M	71.39M
Cash, Cash Equivalents and Short-Term Investments	3.52M	11.25M	25.23M	44.38M	102.19M	32.36M
Total Debt	11.82M	10.63M	1.86M	1.20M	1.79M	1.78M
Total Liabilities	73.91M	70.89M	60.60M	67.95M	100.15M	63.94M
Stockholders Equity	9.04M	19.04M	62.47M	66.45M	142.87M	7.45M
Cash Flow
Free Cash Flow	-30.63M	-36.34M	-53.47M	-55.49M	-133.88M	-767.00K
Operating Cash Flow	-29.84M	-34.70M	-52.66M	-54.51M	-132.85M	-511.00K
Investing Cash Flow	8.10M	6.26M	-397.00K	-4.25M	21.31M	1.87M
Financing Cash Flow	14.50M	14.50M	33.95M	903.00K	180.37M	23.78M

FTC Solar Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 7.52
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FTCI, the sentiment is Positive. The current price of 7.52 is above the 20-day moving average (MA) of 6.84, above the 50-day MA of 6.08, and above the 200-day MA of 4.28, indicating a bullish trend. The MACD of 0.44 indicates Negative momentum. The RSI at 60.51 is Neutral, neither overbought nor oversold. The STOCH value of 48.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FTCI.

FTC Solar Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FTCI	55 Neutral	$109.63M	―	-175.83%	―	-17.53%	8.53%
BEEM	55 Neutral	50.09M	-1.73	-86.01%	―	-49.36%	-32.19%
TURB	54 Neutral	73.70M	-18.96	-127.18%	―	-26.62%	-65.66%
SPRU	49 Neutral	30.32M	-0.43	-62.22%	―	22.78%	-27.59%
MAXN	41 Neutral	64.38M	-0.02	209.06%	―	-54.68%	63.56%
NOVAQ	40 Underperform	25.14K	>-0.01	-20.09%	―	16.55%	15.72%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%

FTC Solar Corporate Events

FTC Solar Amends Stock Incentive Plan at Special Meeting

On September 4, 2025, FTC Solar, Inc. held a Special Meeting of Stockholders where key decisions were made to amend the company’s 2021 Stock Incentive Plan. The stockholders approved an amendment to reserve an additional 2,000,000 shares of Common Stock under the plan. Additionally, the issuance of 6,836,237 shares of Common Stock upon exercise of certain Warrants was approved, exceeding the exercise caps. These decisions are expected to impact the company’s stock management and potentially influence its market positioning by providing more flexibility in stock incentives and warrant exercises.

FTC Solar Announces Board Changes Amid Revenue Surge

On August 5, 2025, FTC Solar announced the resignation of Dean Priddy from its Board of Directors due to retirement, with Tony Alvarez appointed as an Independent Director and Chair of the Audit Committee. The company reported a 74.9% year-over-year increase in second-quarter revenue, reaching $20 million, and secured a $75 million strategic financing facility, positioning itself for future growth and profitability.

FTC Solar Secures $75 Million Financing Facility

On July 2, 2025, FTC Solar announced a $75 million strategic financing facility with Cleanhill Partners and other investors, which includes an initial term loan of up to $37.5 million. This financing aims to enhance the company’s balance sheet, support growth, and provide liquidity, with $14.3 million already received and an additional $23.2 million expected in the third quarter of 2025. The investment is seen as a vote of confidence in FTC Solar’s innovative technology and future potential, as the company has recently secured over 6.5 gigawatts of new business with Tier 1 customers.

FTC Solar Holds Annual Stockholders Meeting on June 11

FTC Solar, Inc. held its Annual Meeting of Stockholders on June 11, 2025, where key decisions were made regarding the company’s governance and financial oversight. During the meeting, stockholders elected directors to serve until 2028 and ratified the appointment of BDO USA, P.C. as the independent registered public accounting firm for the year ending December 31, 2025, reinforcing the company’s commitment to maintaining robust financial practices.